Understanding the FASBs New Pension/OPEB Disclosure Rules

OVERVIEW On December 23, 2003, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 132 (revised 2003), Employers Disclosures about Pensions and Other Postretirement Benefits, an amendment of FASB Statements No. 87, 88, and 106, and a revision of FASB Statement No. 132 (FAS 132 (revised 2003)). This Statement revises employers disclosures about pension plans and other postretirement benefit plans. It does not change the measurement or recognition of those plans required by FASB Statements No. 87, Employers Accounting for Pensions, No. 88, Employers Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits, and No. 106, Employers Accounting for Postretirement Benefits Other Than Pensions. The new rules require additional disclosures about the assets, obligations, cash flows, and net periodic benefit cost of defined benefit pension plans and other postretirement benefit plans. The required information should be provided separately for pension plans and for other postretirement benefit plans. The new disclosures are generally effective for 2003 calendar year-end financial statements of public companies, with a delayed effective date for certain disclosures, for foreign plans, and for non-public entities. Observation: FAS 132 (revised 2003) does not eliminate any of the disclosures currently required by FAS 132. Until FAS 132 (revised 2003) is fully adopted, companies are required to provide all of the current FAS 132 disclosures for all plans, foreign and domestic. This HRS Insight summarizes the new disclosures required by FAS 132 (revised 2003) and provides a comparison to previous authoritative guidance in Exhibit A. Note that amounts related to the employers statement of financial position, unless otherwise stated, shall be disclosed as of the measurement date for each statement of financial position presented with the exception of estimated future benefit payments and contributions to fund the plans, which should coincide with the date of the plan sponsors latest statement of financial position. Observation: For public companies, the majority of the new disclosures contained in FAS 132 (revised 2003) are required for fiscal years ending after December 15, 2003; therefore calendar year-end public company employers will need to present the new disclosure information in 2003 year-end financial statements. Accordingly, public clients should become familiar with the new standard immediately and coordinate implementation with their actuaries. NEW DISCLOSURE REQUIREMENTS Plan Assets Disclose the following information about plan assets: a. For each major category of plan assets, which shall include at a minimum, equity securities, debt securities, real estate, and all other assets, the percentage of the fair value of total plan assets held as of the measurement date used for each statement of financial position presented. Disclosure of additional asset categories and additional information about specific assets within a category is encouraged if that information is expected to be useful in understanding the risks associated with each asset category and the overall

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expected long-term rate of return on assets. Observation: Companies are not required to present information about maturities of their debt securities. The Board believed that information would help users to assess the degree to which investment cash flows are aligned with benefit payments and proposed such a disclosure in the exposure draft of FAS 132 (revised 2003). The Board subsequently decided that the disclosure did not pass a cost/benefit test, given that debt securities typically comprise a small portion of the plan assets of most companies. Accordingly, companies are not required to provide information about the maturities of their debt securities. b. A narrative description of investment policies and strategies, including target allocation percentages or range of percentages for each major category of plan assets presented on a weighted average basis as of the measurement date of the latest statement of financial position presented (if used), and other pertinent factors such as investment goals, risk management practices, allowable and prohibited investment types including the use of derivatives, diversification, and the relationship between plan assets and benefit obligations.

as the general approach used, the extent to which the overall rate of return assumption was based on historical returns and the extent to which adjustments were made to those historical returns and how those adjustments were determined. Accumulated Benefit Obligation For defined benefit pension plans, disclose the accumulated benefit obligation (ABO). Observation: Under FAS 87, the ABO is used to determine whether an additional minimum liability should be recorded at the measurement date. That determination is made on a plan-by-plan basis. However, the ABO to be disclosed under FAS 132 (revised 2003) represents a combined ABO amount for all of the employers plans. Therefore, for employers with more than one plan, the disclosed ABO compared to the disclosed total fair value of all plan assets will not be indicative of the need to record an additional minimum liability. Estimated Future Benefit Payments Disclose the benefits (as of the date of the latest statement of financial position presented) expected to be paid in each of the next five fiscal years, and in the aggregate for the succeeding five fiscal years. The expected benefits should be estimated based on the same assumptions used to measure the companys benefit obligation at the end of the year and should include estimated future employee service. Observation: Because this estimate should include benefits attributable to both past service and estimated future service of current employees, it will go beyond the projected benefit obligation that companies calculate today under FAS 87. As noted below, this disclosure is first effective for fiscal years ending after June 15, 2004. Accordingly, companies are not required to provide this disclosure in their 2003 yearend financial statements and have additional time in which to gat her the information needed to make the disclosure. Because actuarial valuation systems will likely capture

Observation: The last example above of a pertinent factor, the relationship between plan assets and benefit obligations, is intended to convey how assets mature or are scheduled to turn over according to the investment policy in order to meet maturing obligations under the plan. If a company has different investment strategies for different pension or postretirement benefit plans, it may need to include more than one narrative description depending on how significant the differences are. If a company does not use a target allocation as part of its investment strategy, it is not required to create one in order to meet this disclosure requirement. c. A narrative description of the basis used to determine the overall expected long-term rate of return on assets assumption, such

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expected benefit payments on a measurement date to measurement date year, estimates of benefit payments on a fiscal-year basis will be required. In some cases, however, we expect that benefits based on a measurement date year will not be materially different from a fiscal year basis; so separate fiscal year estimates may not be needed. Employers Contributions Expected To Be Paid During the Next Fiscal Year Disclose the employers best estimate, as soon as it is reasonably determinable, of contributions expected to be paid to the plan during the next fiscal year beginning after the date of the latest statement of financial position. Estimated contributions may be presented in the aggregate combining (1) contributions required by funding regulations or laws, (2) discretionary contributions, and (3) noncash contributions. Observation: For funded plans, companies will need to request their actuaries to estimate the minimum funding requirements for the next fiscal year. Those estimates may differ from the actuarial valuations developed for funding purposes, which relate to the plan year and may be performed subsequent to the time when year-end disclosures are prepared. In addition, this information should be reviewed quarterly and management should assess any planned contributions on an annual and interim basis to meet the new interim disclosure requirement (discussed below). For unfunded plans (e.g., for retiree health benefits), we believe that the employers disclosure of expected contributions for the next fiscal year should reflect an amount that is equal to the amount of expected benefit payments less participant contributions (similar to actual amounts reported in the reconciliation of assets under FAS 132). Employers with a measurement date before their fiscal year-end should discuss with their actuaries the need for expected contribution information to be disclosed in 2003 annual reports. For a calendar year-end employer, this will involve contributions expected to be made in calendar year 2004, regardless of the plans measurement date or plan year-end for funding purposes.

Assumptions Disclose, on a weighted-average basis, the following assumptions used in accounting for the plans: assumed discount rates, rates of compensation increase (for pay-related plans), and expected long-term rates of return on plan assets specifying, in a tabular format, the assumptions used to determine the benefit obligation and the assumptions used to determine net benefit cost. Observation: The new rules require that the assumptions used to measure expense be presented separately from the assumptions used to determine the benefit obligation. Accordingly, the information should not be combined in the disclosure. In addition, the requirement to present the information in a tabular format means that employers that previously disclosed assumptions in a narrative format will need to change to the new prescribed format. Measurement Date Disclose the measurement date(s) used to determine pension and other postretirement benefit measurements for the pension plans and other postretirement benefit plans that make up at least the majority of plan assets and benefit obligations. Interim Disclosure Requirements Public entities shall disclose the following information in their interim financial statements that include a statement of income: a. The amount of net periodic benefit cost recognized for each period in which a statement of income is presented, showing separately the service cost component, the interest cost component, the expected return on plan assets for the period, the amortization of the unrecognized transition obligation or transition asset, the amount of recognized gains and losses, the amount of prior service cost recognized, and the amount of gain or loss recognized due to a settlement or curtailment.

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b.

The total amount of employers contribution paid, and expected to be paid, during the current fiscal year, if significantly different from amounts previously disclosed.

year-end and contributions in the current quarter. Effective Date and Transition The provisions of FAS 132 remain in effect until the provisions of FAS 132 (revised 2003) are adopted. Except as noted in FAS 132 (revised 2003), the statement is effective for financial statements with fiscal years ending after December 15, 2003. The interim period disclosures are effective for interim periods beginning after December 15, 2003. The effective dates are summarized below:

Observation: Nonpublic companies are required to disclose the information in b above in interim periods for which a complete set of financial statements is presented. Accordingly, all companies, public and nonpublic, will need to monitor contributions each quarter to identify whether there will be a significant difference between contribution amounts disclosed at

Effective Date (years ending after/quarters beginning after) Disclosure Plan Assets ABO Estimated future benefit payments Estimated contributions Assumptions Measurement date(s) Interim period disclosures Domestic Plans 12/15/2003 12/15/2003 6/15/2004 Foreign Plans / Nonpublic Entities 6/15/2004 6/15/2004 6/15/2004

12/15/2003 12/15/2003 12/15/2003 Interim periods beginning after 12/15/2003

6/15/2004 12/15/2003 6/15/2004 Interim periods beginning after 12/15/2003

Observation: For purposes of applying the effective date provisions of the statement, we understand that the FASB Staff believes that the Boards intent is for the term foreign plans to connote plans that are outside of the domicile of the company. For example, a U.S. company would treat its UK plan as a foreign plan and its U.S. plan as a domestic plan. Likewise, a UK company would treat its U.S. plan as a foreign plan and its UK plan as a domestic plan. In transitioning to the new standard, companies are required to restate their disclosures for earlier annual periods and include in those disclosures the percentage of each major category of plan assets held,

the ABO, and the assumptions used in the accounting for the plans. The disclosures for earlier interim periods also need to be restated to include disclosure of the components of net benefit cost. If getting this information for the earlier periods is not practicable, the disclosures should include whatever information is available and identify the information that is not available. Exhibit A provides a comparison of the disclosures required by FAS 132 (revised 2003) to previous authoritative guidance and includes additional PwC observations.

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Exhibit A: Comparison of Original FAS 87/88/106 Disclosures, FAS 132 Disclosures and FAS 132 (revised 2003) Required Disclosures

FAS 87/88/106 Not required.

FAS 132 FAS 132 (Revised 2003) Reconciliation of No change from FAS obligations and plan 132. assets from one year to the next including changes due to amendments, acquisitions, divestitures, actuarial gains and losses and benefits paid. Funded status reconciled to amounts reported in the balance sheet for all plans combined; for underfunded plans with the accumulated benefit obligation in excess of plan assets under FAS 87, the aggregate obligations and fair value of plan assets; non-U.S. plans may be combined with U.S. plans unless benefit obligations outside the U.S. are significant. No requirement. No significant change from FAS 132; continue to show projected benefit obligation and/or accumulated postretirement benefit obligation, unamortized prior service cost, unrecognized gain/loss, unamortized transition obligation/asset, net prepaid asset/liability, intangible assets and the amount in other comprehensive income.

Observations No change from currently required disclosures.

Funded status of the plan (obligation less assets) reconciled to amounts reported in the balance sheet, with separate disclosure of overfunded and underfunded plans and U.S. and nonU.S. plans.

No change from currently required disclosures.

No requirement.

Table of plan asset allocation by asset category (equity securities, debt securities, real estate and other assets) showing the percentage of the fair value to total plan assets, a narrative description of investment policies and strategies, including the target allocation percentages (if used by the employer), and a narrative description of the basis used to determine the overall expected long-term rate of return on assets. Accumulated benefit obligation (ABO) under FAS 87 for all plans

Gathering the information necessary for these disclosures may be challenging, especially for entities with multiple plans, non-US plans, and multiple service providers. Employers should communicate with their service providers to ensure that they can obtain necessary information on a timely basis.

Alternative measures No longer required. of the pension benefit obligation, including

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FAS 87/88/106 the vested benefit obligation and the accumulated benefit obligation; the portions of OPEB obligation attributable to retirees, fully eligible employees, and other active employees.

FAS 132

FAS 132 (Revised 2003) combined. Employers that aggregate disclosures about pension plans with assets in excess of the ABO and pension plans with assets less than the ABO are required to separately disclose the aggregate ABO and aggregate fair value of plan assets for pension plans with ABOs in excess of plan assets. The gross expected benefit payments (i.e., benefits attributable to past and estimated future service of current plan participants) for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter based on the same assumptions used to measure the employers benefit obligation at the end of the year. Employers best estimate, as soon as it can be reasonably determined, of contributions expected to be paid to the plan during the next fiscal year.

Observations

No requirement.

No requirement.

Gathering the information necessary for this disclosure may be difficult, as most actuarial reports do not present gross expected benefit payments.

No requirement.

No requirement.

Companies will need to request their actuaries to estimate the minimum funding requirement for the next fiscal year (i.e., not the next year that begins with the date after the latest regular annual measurement date and ends with the next regular annual measurement date). Such estimates may be different than the actuarial valuations developed for funding purposes, which relate to the plan year and may be performed subsequent to the time when year-end

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FAS 87/88/106

FAS 132

FAS 132 (Revised 2003)

Observations disclosures are prepared. Employers with multiple plans and multiple service providers should be gathering this information now for disclosure in 2003 financial statements. In addition, this information should be reviewed quarterly and management should assess any planned contributions on an annual and interim basis to meet the new interim disclosure requirement (discussed below). No change from currently required disclosures.

Components of expense (service cost, interest cost, actual return on plan assets, net amortization of deferred amounts).

Same, except show expected return on plan assets instead of actual return on plan assets, show amortization amounts separately, and show any gain/loss resulting from a settlement or curtailment. Amount of additional minimum liability under FAS 87 recognized as an intangible asset, other comprehensive income, and accumulated other comprehensive income. Same.

No change from FAS 132.

No requirement.

No change from FAS 132.

No change from currently required disclosures.

Principal actuarial assumptions: weighted-average discount rate, salary increases, expected long-term rate of return on plan assets, and health care cost trend rates (initial, ultimate and number of years to ultimate rate).

Same, but identify assumptions used for expense measurement and for year-end obligation measurement, and present in tabular format

This information is required to be presented in a table, with the assumptions used for measuring expense and those used for measuring the obligation separately disclosed.

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FAS 87/88/106 No provision.

FAS 132 No provision.

FAS 132 (Revised 2003) Measurement dates used to measure the pension and other postretirement benefit amounts.

Observations All employers must disclose their measurement dates, even if the date coincides with their fiscal year-end. No change from currently required disclosures.

The effect of a onepercentage-point increase in the assumed health care cost trend rate on the aggregate of the service and interest cost components of the net periodic postretirement benefit cost and the accumulated postretirement benefit obligation. Amounts and types of securities of the employer and related parties included in plan assets.

The effects of a onepercentage-point increase and decrease in the assumed health care cost trend rate on the aggregate of the service and interest cost components of the net periodic postretirement benefit cost and the accumulated postretirement benefit obligation.

No change from FAS 132.

Amounts and types of securities of the employer and related parties included in plan assets, approximate amount of future benefits covered by insurance contracts issued by the employer or related parties, and any significant transactions between the plan and the employer or related parties during the period. Same.

No change from FAS 132.

No change from currently required disclosures.

Any alternative amortization method used to amortize prior service amounts or unrecognized actuarial gains or losses. Any substantive commitment used as the basis for accounting. The gain or loss recognized for a settlement or

No change from FAS 132.

No change from currently required disclosures.

Same.

No change from FAS 132.

No change from currently required disclosures.

Same.

No change from FAS 132.

No change from currently required disclosures.

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FAS 87/88/106 curtailment, and the cost of providing special or contractual termination benefits, and a description of the nature of the event. Cost related to defined contribution plans.

FAS 132

FAS 132 (Revised 2003)

Observations

Same, plus a description of the nature and effect of any significant changes during the period affecting comparability. Aggregate contributions to multiemployer plans.

No change from FAS 132.

No change from currently required disclosures.

Separate disclosures of cost related to pension and postretirement benefit multiemployer plans. Description of the plan including groups covered, type of benefit formula, funding policy, types of assets held, significant nonbenefit liabilities, and significant matters affecting comparability. No provision.

No change from FAS 132.

No change from currently required disclosures.

No longer required.

No change from FAS 132.

No change from currently required disclosures.

No provision.

Quarterly disclosure of the expense for the quarter and the components of expense, and any significant changes to the prior yearend disclosures regarding expected contributions.

Additional efforts may be required to gather the necessary information to meet these interim disclosure requirements. These efforts may be greater for those entities with multiple plans, multiple service providers, and foreign plans. Because quarterly pension and postretirement benefit cost will now be disclosed, fluctuations in reported expense

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FAS 87/88/106

FAS 132

FAS 132 (Revised 2003)

Observations may result when estimates of expense reported in previous quarters of the year must be trued-up for the results of actuarial valuations completed after the first quarter of the year. In addition, consideration of contributions to be made, both required and discretionary, should be assessed quarterly.

Exhibit B is a copy of a sample disclosure as presented in Appendix C of FAS 132 (revised 2003). Observation: The illustration taken from FAS 132 (revised 2003) shows two years of information for the components of net periodic benefit cost and the weightedaverage assumptions used to determine net periodic benefit cost for the years ended

December 31. However, paragraph 5 of FAS 132 (revised 2003) requires that amounts related to the employers results of operations be disclosed for each period for which an income statement is presented. Because public companies present income statements for three years, we believe that the tables showing components of cost and related assumptions should be presented with three years of information.

Exhibit B: Disclosures about Pension and Other Postretirement Benefit Plans in the Annual Financial Statements of a Publicly Traded Entity (Copied from FAS 132 (revised 2003)) Illustration 1Disclosures about Pension and Other Postretirement Benefit Plans in the Annual Financial Statements of a Publicly Traded Entity (Copied from FAS 132 (revised 2003)) C2. The following illustrates the fiscal 20X3 financial statement disclosures for an employer (Company A) with multiple defined benefit pension plans and other postretirement benefit plans. Narrative descriptions of the basis used to determine the overall expected long-term rate-of-return-on-assets assumption (paragraph 5(d)(3)) and investment policies and strategies for plan assets (paragraph 5(d)(2)) are not included in this illustration. These narrative descriptions are meant to be entity-specific and should reflect an entitys basis for selecting the expected long-term rate-of-return -on assets assumption and the most important investment policies and strategies. C3. During 20X3, Company A acquired FV Industries and amended its plans. For one of the defined benefit pension plans, the accumulated benefit obligation exceeds the fair value of plan assets, and Company A recognized an additional minimum liability in accordance with the provisions of paragraphs 36 and 37 of Statement 87.

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Notes to Financial Statements Pension and Other Postretirement Benefit Plans Company A has both funded and unfunded noncontributory defined benefit pension plans that together cover substantially all of its employees. The plans provide defined benefits based on years of service and final average salary. Company A also has other postretirement benefit plans covering substantially all of its employees. The health care plans are contributory with participants contributions adjusted annually; the life insurance plans are noncontributory. The accounting for the health care plans anticipates future cost-sharing changes to the written plans that are consistent with the companys expressed intent to increase retiree contributions each year by 50 percent of health care cost increases in excess of 6 percent. The postretirement health care plans include a limit on the companys share of costs for recent and future retirees. Company A acquired FV Industries on December 27, 20X3, including its pension plans and other postretirement benefit plans. Amendments made at the end of 20X3 to Company As plans increased the pension benefit obligations by $70 and reduced the other postretirement benefit obligations by $75. Company A uses a December 31 measurement date for the majority of its plans.

Obligations and Funded Status At December 31 Pension Benefits 20X3 20X2 Change in benefit obligation Benefit obligation at beginning of year Service cost Interest cost Plan participants contributions Amendments Actuarial loss Acquisition Benefits paid Benefit obligation at end of year Change in plan assets Fair value of plan assets at beginning of year Actual return on plan assets Acquisition Employer contribution Plan participants contributions Benefits paid Fair value of plan assets at end of year Funded status Unrecognized net actuarial loss (gain) Unrecognized prior service cost (benefit) Net amount recognized $1,246 76 90 70 20 900 (125) 2,277 1,068 29 1,000 75 (125) 2,047 (230) 94 210 $ 74 $1,200 72 88 Other Benefits 20X3 20X2 $ 742 36 55 20 (75) 25 600 (90) 1,313 206 5 25 137 20 (90) 303 (1,010) (11) (92) $(1,113) $ 712 32 55 13

(114) 1,246 894 188 100 (114) 1,068 (178) 18 160 $0

(70) 742 87 24 152 13 (70) 206 (536) (48) (22) $ (606)

Note: Nonpublic entities are not required to provide information in the above tables; they are required to disclose the employers contributions, participants contributions, benefit payments, funded status, and the net amount recognized.

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Amounts recognized in the statement of financial position consist of: Pension Benefits 20X3 20X2 $ 227 $ 127 (236) (180) 50 53 33 0 $ 74 $0 Other Benefits 20X3 20X2 $0 $0 (1,113) (606) 0 0 0 0 $(1,113) $(606)

Prepaid benefit cost Accrued benefit cost Intangible assets Accumulated other comprehensive income Net amount recognized

The accumulated benefit obligation for all defined benefit pension plans was $1,300 and $850 at December 31, 20X3, and 20X2, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets December 31 20X3 20X2 $263 $247 237 222 84 95 Pension Benefits 20X3 20X2 $ 76 $ 72 90 88 (85) (76) 20 16 0 0 $101 $100 Other Benefits 20X3 20X2 $ 36 $32 55 55 (17) (8) (5) (5) 0 0 $ 69 $74

Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Components of Net Periodic Benefit Cost Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net (gain) loss Net periodic benefit cost

Note: Nonpublic entities are not required to separately disclose components of net periodic benefit cost.

Additional Information Pension Benefits 20X3 20X2 Increase in minimum liability included in other comprehensive income Assumptions Weighted-average assumptions used to determine benefit obligations at December 31 Discount rate Rate of compensation increase Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 Discount rate Expected long-term return on plan assets Rate of compensation increase Pension Benefits 20X3 20X2 7.25% 7.50% 8.00 8.50 4.50 4.75 Other Benefits 20X3 20X2 7.50% 7.75% 8.10 8.75 Pension Benefits 20X3 20X2 6.75% 7.25% 4.25 4.50 Other Benefits 20X3 20X2 7.00% 7.50% $33 $0 Other Benefits 20X3 20X2 N/A N/A

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(Entity-specific narrative description of the basis used to determine the overall expected long-term rate of return on assets, as described in paragraph 5(d)(3) would be included here.) Assumed health care cost trend rates at December 31 Health care cost trend rate assumed for next year Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) Year that the rate reaches the ultimate trend rate 20X3 12% 6% 20X9 20X2 12.5% 5% 20X9

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: 1-PercentagePoint Increase $ 22 173 1-PercentagePoint Decrease $ (20) (156)

Effect on total of service and interest cost Effect on postretirement benefit obligation

Note: Nonpublic entities are not required to provide the above information about the impact of a onepercentage-point increase and one-percentage-point decrease in the assumed health care cost trend rates. Plan Assets Company As pension plan weighted-average asset allocations at December 31, 20X3, and 20X2, by asset category are as follows: Plan Assets at December 31 20X3 20X2 Asset Category Equity securities Debt securities Real estate Other Total 50% 30 10 10 100% 48% 31 12 9 100%

(Entity specific narrative description of investment policies and strategies for plan assets, including weightedaverage target asset allocations [if used as part of those policies and strategies] as described in paragraph 5(d)(2) would be included here.) Equity securities include Company A common stock in the amounts of $80 million (4 percent of total plan assets) and $64 million (6 percent of total plan assets) at December 31, 20X3, and 20X2, respectively. Company As other postretirement benefit plan weighted-average asset allocations at December 31, 20X3, and 20X2, by asset category are as follows: Plan Assets at December 31 20X3 20X2 Asset Category Equity securities 60% 52% Debt securities 30 27 Real estate 5 13 Other 5 8 Total 100% 100%

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Equity securities include Company A common stock in the amounts of $12 million (4 percent of total plan assets) and $8 million (4 percent of total plan assets) at December 31, 20X3, and 20X2, respectively. Cash Flows Contributions Company A expects to contribute $125 million to its pension plan and $150 million to its other postretirement benefit plan in 20X4. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Pension Benefits $ 200 208 215 225 235 1,352 Other Benefits $150 155 160 165 170 984

20X4 20X5 20X6 20X7 20X8 Years 20X9-20Y3

How We Can Help PricewaterhouseCoopers can help you consider the effects of the new FASB disclosure rules, including helping you assess the impact of the final standard on your actuarial valuation process and disclosure requirements. PwC has considerable experience helping clients with FAS 87 and FAS 106 accounting, and related actuarial and measurement issues. We encourage companies to quickly determine the additional information that may result from the issuance of FAS 132 (revised 2003).

For more information on the topic discussed in this HRS Insight or to change your address, contact your local PricewaterhouseCoopers professional.
Atlanta, GA Ann OConnell Boston, MA Ed Donovan Chicago, IL Lou Joseph Cleveland, OH Lynn Ford Columbus, OH Jeffrey Luedke Dallas, TX Duncan Harwood Detroit, MI Theresa Gee Houston, TX Duncan Harwood 678-419-2820 617-530-4722 312-298-2083 216-875-3065 614-225-8820 214-754-7244 313-394-6947 214-754-7244 Los Angeles, CA Ed Kimura New York/Metro Steve Heindel Philadelphia, PA Ted Volz Pittsburgh, PA Chris King San Francisco, CA Luan Fox Washington, DC Dave Dawson 213-356-6185 646-394-1885 267-330-3180 412-355-6044 415-498-5444 202-414-1014

This HRS Insight provides general or summary information. The information and considerations presented do not constitute the provision of legal advice. Readers are encouraged to consult with legal counsel concerning their responsibilities and the implications of the materials presented.

PricewaterhouseCoopers LLP All Rights Reserved.

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